Archive for the ‘General Info’ Category

Last Week in the News
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The trade deficit increased 4.8% to $42.3 billion in May. It was the highest level since November 2008 and follows a $40.3 billion gap in April.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 9 decreased 2.9%. Refinancing applications fell 2.9%. Purchase volume fell 3.1%.
Retail sales fell 0.5% in June, after a revised 1.1% decline in May. Economists had anticipated retail sales to fall 0.2% in June.
Total business inventories rose 0.1% in May, following a 0.4% increase in April. Total business sales fell 0.9% in May, the first decline after 13 consecutive monthly gains.
The producer price index, which tracks wholesale price inflation, fell 0.5% in June following a 0.3% decrease in May. Core prices — excluding food and fuel — rose 0.1%. For the year, wholesale prices are up 2.7%.
Industrial production at the nation’s factories, mines and utilities increased 0.1% in June following a 1.3% gain in May. Capacity utilization was unchanged at 74.1% in June.
Consumer prices fell a seasonally adjusted 0.1% in June following a 0.2% decline in May. For the year, consumer prices are up 1.1%.
The Reuters/University of Michigan consumer sentiment index for July’s preliminary reading fell to 66.5 from 76 in June. It was the lowest level since August 2009.
Initial claims for unemployment benefits fell by 29,000 to 429,000 for the week ending July 10. Continuing claims for the week ending July 3 rose by 247,000 to 4.68 million.
Upcoming on the economic calendar are reports on new home sales on July 26, the housing price index on July 27 and gross domestic product on July 30.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com

I just scored awesome tickets to the Big Apple Circus for Friday July 16, 2010. My four year old will love it. Much to my surprise I was able to get front row seats in the center of the tent. There are still plenty of shows with great seats available. Don’t miss this amazing Stamford Event!! Bello is Back!

Last Week in the News
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The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — rose 0.8% in April after a 0.1% decline in March.
The consumer confidence index fell to 52.9 in June from a revised 62.7 in May. Economists had anticipated a reading of 62.8. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 25 increased 8.8%. Refinancing applications rose 12.6%. Purchase volume fell 3.3%.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 56.2 in June after reaching 59.7 in May. A reading above 50 signals expansion. It was the 11th straight month of expansion.
Total construction spending fell 0.2% to $841.9 billion in May, following a revised 2.3% rise in April. Economists had anticipated a steeper drop of 0.5% in May.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, fell 30% in May after a revised 6% increase in April.
Factory orders fell 1.4% in May, more than the 0.5% decrease economists had anticipated. The drop — the biggest since March 2009 — ended eight straight monthly gains.
Initial claims for unemployment benefits rose by 13,000 to 472,000 for the week ending June 26. Continuing claims for the week ending June 19 rose by 43,000 to 4.62 million. The unemployment rate in June fell to 9.5% from 9.7% in May.
Upcoming on the economic calendar are reports on chain store sales on July 7 and wholesale trade on July 9.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com

Last Week in the News
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Existing home sales fell 2.2% in May to a seasonally adjusted annual rate of 5.66 million units from a revised 5.79 million units in April. The inventory of unsold homes on the market decreased 3.4% to 3.89 million, an 8.3-month supply at the current sales pace, down from an 8.4-month supply in April.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 18 decreased 5.9%. Refinancing applications fell 7.3%. Purchase volume fell 1.2%.
New home sales fell 32.7% in May to a seasonally adjusted annual rate of 300,000 units from a downwardly revised rate of 446,000 units in April. It was the slowest sales pace since recordkeeping began in 1963. New home sales have fallen 78% from their peak in July 2005.
Orders for durable goods — items expected to last three or more years — fell 1.1% in May after increasing a revised 3% in April. The drop was largely due to a decrease in demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly increase of 0.9%.
In its third and final report, the Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2.7% in the first quarter of 2010, rather than the 3.2% increase initially reported.
Initial claims for unemployment benefits fell by 19,000 to 457,000 for the week ending June 19. Continuing claims for the week ending June 12 fell by 45,000 to 4.54 million.
Upcoming on the economic calendar are reports on the housing price index on June 29, pending home sales on July 1 and factory orders on July 2.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com